The Historical Development of U. Thomas Malthus (1798): Scarcity is inevitable because population grows to exhaust its resource endowment Harold…

The Historical Development of U.S. Thomas Malthus (1798): Scarcity is inevitable because population grows to exhaust its resource endowment Harold Hotelling (1931): The invisible hand of the market would optimally allocate exhaustible resources and prevent shortages because the market prices of a resource such as oil reflects both its current value and its future value. Why might Hotelling be right?